The Nigerian Exchange Limited (NGX) recorded a massive surge in trading activity on Tuesday, with share volume jumping 223% compared to the previous session, signalling renewed investor confidence in Africa’s largest stock market.
News.ng reports that a total of 1.24 billion shares valued at NGN 29.82 billion changed hands across 27,982 deals during Tuesday’s trading session, representing a 157% increase in turnover from Monday’s figures. The NGX’s market capitalization currently stands at NGN 90.4 trillion.
Despite the impressive trading volumes, market sentiment remained cautious as 128 equities participated in active trading, with losers outnumbering gainers 32 to 28.
Tuesday’s trading trader released by the NGX shows property developer UPDC emerged as the day’s top performer, rallying 9.98% to close at NGN 6.61 per share. Nigerian Enamelware followed closely with a 9.97% gain, while Eterna and Aradel Holdings recorded increases of 9.95% and 9.82% respectively.
On the declining side, Union Dicon Salt led the laggards with a 10% drop to NGN 8.10 per share. Champion Breweries shed 7.09% of its value, while Royal Exchange and Wema Bank declined by 5.96% and 5.56% respectively.
SMEDAN and Sterling Bank launch N5 billion Databanc Loan Initiative to support small businessesFidelity Bank dominated trading activity with 793 million shares exchanged, accounting for nearly 64% of the day’s total volume. NCR Nigeria recorded 66.8 million traded shares, followed by Zenith Bank with 49.4 million and Sterling Bank with 28.3 million shares.
It is observed that the sharp increase in trading activity was due to heightened investor interest in the banking sector, which has been buoyed by strong half-year earnings reports and positive sentiment around the sector’s resilience amid economic reforms.
The dramatic uptick in both volume and value traded suggests investors are actively repositioning their portfolios as the third quarter draws to a close, with financial services stocks attracting the bulk of attention.
